The twelve district banks of the Federal Reserve System were created to decentralize power and to respond to the public's fears of the monopoly power of a single central bank such as the Bank of England or the Bank of Japan.

Question

Quizplus · Accepted Answer

The creation of twelve district banks was part of the Federal Reserve Act of 1913, which aimed to decentralize power and provide regional representation in the governance of the Federal Reserve System. This was done in response to concerns about the concentration of power in a single central bank, as seen in countries like England and Japan.

The Twelve District Banks of the Federal Reserve System Were